Cyprus Property News

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Cyprus Property News

Paphos Kings Avenue Mall helps stabilize property market.

Date: 06/12/12

Back on the 3rd of October we wrote about the most recent progress with our neighbor – The Kings Avenue Mall.

The latest news was that the Aristo and K Athienitis Developers had been very busy working late hours and even weekends. The result of their endeavors is that the Mall’s steel superstructure is now almost complete.

The importance of this project for the Paphos district cannot be overstated and earlier in October this year we touched upon the many great offers we had in neighboring residential developments. Back then we had 5 properties for sale in Byzantium Gardens (where our Cyprus office is located), but now we are completely sold out, the final 2 bedroom apartment went last weekend. In and around the site of the new Kings Avenue Mall we have sold many properties this year and a total of 9 units in Byzantium Gardens itself. The combination of top location, realistic prices and title deeds is proving an enticing mixture to our mainly Russian buyers.

While the positive effect of living next to a 200 million euro retail development has left Byzantium Gardens sold out it did not escape our notice that Pafilia Developers have started work on their “The Lighthouse” development next to the Lighthouse (Faros) beach. According to Pafila, the new project is selling well to mainly Russian and Chinese investors. With prices for 3 bedroom flats at around 750,000 Euro you should really consider two of our remaining 3 bedrooms flats: one in Queens Gardens and the other in Sirena Lighthouse. The latter is only 30 meters from Pafilia’s “The Lighthouse” and only 1/3rd of the price…